UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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| Item 2.02 | Results of Operations and Financial Condition |
Reference is made to the Where Food Comes From, Inc. (the “Company”) press release on May 14, 2026 and conference call transcript, attached hereto as Exhibits 99.1 and 99.2, respectively, and incorporated by reference herein (including, without limitation, the information set forth in the cautionary statement contained in the press release and conference call transcript), relating to the Company’s financial results for the three months ended March 31, 2026.
| Item 9.01 | Financial Statements and Exhibits |
| (d) | Exhibits |
Exhibit No. |
Description | ||
| 99.1 | Press Release issued and dated May 14, 2026 | ||
| 99.2 | Transcript for May 14, 2026 conference call | ||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| WHERE FOOD COMES FROM, INC. | ||
| (Registrant) | ||
| By: | /s/ Dannette Henning | |
| Date: May 15, 2026 | Dannette Henning | |
| Chief Financial Officer | ||
Exhibit 99.1
Where Food Comes From, Inc. Reports 2026 First Quarter Financial Results
First Quarter Highlights – 2026 vs. 2025
| ● | Verification and certification revenue increased to $4.4 million from $4.2 million | |
| ● | Product sales increased slightly to $713,000 from $702,000 | |
| ● | Total revenue increased to $5.4 million from $5.3 million | |
| ● | Net income of $92,000, or $0.02 per share, up from $31,000, or $0.01 per share | |
| ● | Company bought back 24,469 shares of its common stock at a cost of $293,000 | |
| ● | Total buybacks since plan inception (including private purchases): 1,399,121 shares at a cost of approximately $15.5 million |
CASTLE ROCK, Colo., May 14, 2026 (GLOBE NEWSWIRE) — Where Food Comes From, Inc. (WFCF) (Nasdaq: WFCF), the most trusted resource for independent, third-party verification of food production practices in North America, today announced financial results for its first quarter ended March 31, 2026.
“We are pleased with our year-over-year revenue growth and return to profitability in the first quarter,” said John Saunders, CEO. “Despite continued headwinds related to smaller herd sizes and tariffs, we are adding new customers for beef-related services and making good progress with our new RaiseWell™ Certified program that Whole Foods Market adopted in the first quarter for its beef supply. We will expand RaiseWell over time to support poultry, eggs, dairy, and pork production as well. We are also adding customers for non-beef related services such as Upcycled Certified – our fastest growing service – and a variety of certifications for other food categories. Based on growing consumer demand for more information and transparency in the food supply chain, we remain bullish about future growth prospects and the overall trajectory of our industry.”
First Quarter Results – 2026 vs. 2025
Total revenue in the first quarter ended March 31, 2026, increased to $5.4 million from $5.3 million.
Revenue mix included:
| ● | Verification and certification services revenue of $4.4 million vs. $4.2 million. | |
| ● | Product revenue up slightly to $713,000 from $702,000. | |
| ● | Professional services revenue declined to $228,000 from $389,000. |
Gross margins were lower at 39% versus 42% year over year due to higher insurance and personnel costs. Selling, general and administrative expense was 15% lower at $1.7 million compared to $2.1 million due to management’s decision to forego 2025 bonus compensation following fourth quarter results.
Net income in the first quarter was $92,000, or $0.02 per diluted share, vs. $31,000, or $0.01 per diluted share.
Cash provided by operations in the first quarter was $523,000 vs. $632,000.
The Company bought back 24,469 shares of its common stock during the first quarter at a cost of $293,000. Total buybacks since plan inception (including private purchases) are 1,399,121 shares at a cost of approximately $15.5 million.
Management will conduct a conference call today at 10:00 a.m. Mountain Time to discuss these financial results.
Dial-in numbers for the conference call:
Domestic Toll Free: 1-877-407-8289
International: 1-201-689-8341
Conference Code: 13760621
Phone replay:
A telephone replay of the conference call will be available through May 28, 2026, as follows:
Domestic Toll Free: 1-877-660-6853
International: 1-201-612-7415
Conference Code: 13760621
About Where Food Comes From, Inc.
Where Food Comes From, Inc. is America’s trusted resource for third party verification of food production practices. Through proprietary technology and patented business processes, the Company estimates that it supports more than 17,500 farmers, ranchers, vineyards, wineries, processors, retailers, distributors, trade associations, consumer brands and restaurants with a wide variety of value-added services. Where Food Comes From solutions are used to verify food claims, optimize production practices and enable food supply chains with analytics and data driven insights. In addition, the Company’s Where Food Comes From® retail and restaurant labeling program uses web-based customer education tools to connect consumers to the sources of the food they purchase, increasing meaningful consumer engagement for our clients.
CAUTIONARY STATEMENT
This news release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, based on current expectations, estimates and projections that are subject to risk. Forward-looking statements are inherently uncertain, and actual events could differ materially from the Company’s predictions. Important factors that could cause actual events to vary from predictions include those discussed in our SEC filings. Specifically, statements in this news release about industry leadership, expectations for growth of the business and industry, and demand for, and impact and efficacy of, the Company’s products and services on the marketplace are forward-looking statements that are subject to a variety of factors, including availability of capital, personnel and other resources; competition; governmental regulation of the agricultural industry; the market for beef and other commodities; and other factors. Financial results and the Company’s pace of stock buybacks are not necessarily indicative of future results. Readers should not place undue reliance on these forward-looking statements. The Company assumes no obligation to update its forward-looking statements to reflect new information or developments. For a more extensive discussion of the Company’s business, please refer to the Company’s SEC filings at www.sec.gov.
Company Contacts:
Jay Pfeiffer
Director, Investor Relations
303-880-9000
Where Food Comes From, Inc.
Statements of Income (Unaudited)
| Three months ended March 31, | ||||||||
| (Amounts in thousands, except per share amounts) | 2026 | 2025 | ||||||
| Revenues: | ||||||||
| Verification and certification service revenue | $ | 4,424 | $ | 4,182 | ||||
| Product sales | 713 | 702 | ||||||
| Professional services | 228 | 389 | ||||||
| Total revenues | 5,365 | 5,273 | ||||||
| Costs of revenues: | ||||||||
| Costs of verification and certification services | 2,721 | 2,395 | ||||||
| Costs of products | 438 | 428 | ||||||
| Costs of professional services | 163 | 255 | ||||||
| Total costs of revenues | 3,322 | 3,078 | ||||||
| Gross profit | 2,043 | 2,195 | ||||||
| Selling, general and administrative expenses | 1,745 | 2,053 | ||||||
| Income from operations | 298 | 142 | ||||||
| Other income/(expense): | ||||||||
| Interest income | 6 | 4 | ||||||
| Fair market value loss on digital assets | (135 | ) | (76 | ) | ||||
| Gain on sale of assets | 17 | - | ||||||
| Interest expense | (1 | ) | (1 | ) | ||||
| Income before income taxes | 185 | 69 | ||||||
| Income tax expense | 93 | 38 | ||||||
| Net income | $ | 92 | $ | 31 | ||||
| Per share - net income: | ||||||||
| Basic | $ | 0.02 | $ | 0.01 | ||||
| Diluted | $ | 0.02 | $ | 0.01 | ||||
| Weighted average number of common shares outstanding: | ||||||||
| Basic | 5,057 | 5,212 | ||||||
| Diluted | 5,070 | 5,230 | ||||||
Where Food Comes From, Inc.
Balance Sheets (Unaudited)
| March 31, | December 31, | |||||||
| (Amounts in thousands, except per share amounts) | 2026 | 2025 | ||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 3,281 | $ | 3,200 | ||||
| Accounts receivable, net of allowance | 2,056 | 1,678 | ||||||
| Inventory | 842 | 792 | ||||||
| Prepaid expenses and other current assets | 648 | 605 | ||||||
| Total current assets | 6,827 | 6,275 | ||||||
| Property and equipment, net | 739 | 648 | ||||||
| Right-of-use assets, net | 437 | 498 | ||||||
| Equity investments | 200 | 200 | ||||||
| Intangible and other assets, net | 1,332 | 1,420 | ||||||
| Digital assets | 478 | 613 | ||||||
| Goodwill, net | 2,946 | 2,946 | ||||||
| Deferred tax assets, net | 267 | 299 | ||||||
| Total assets | $ | 13,226 | $ | 12,899 | ||||
| Liabilities and Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 569 | $ | 451 | ||||
| Accrued expenses and other current liabilities | 1,088 | 655 | ||||||
| Deferred revenue | 1,532 | 1,545 | ||||||
| Current portion of finance lease obligations | 12 | 12 | ||||||
| Current portion of operating lease obligations | 422 | 422 | ||||||
| Total current liabilities | 3,623 | 3,085 | ||||||
| Finance lease obligations, net of current portion | 10 | 13 | ||||||
| Operating lease obligation, net of current portion | 393 | 496 | ||||||
| Total liabilities | 4,026 | 3,594 | ||||||
| Commitments and contingencies | ||||||||
| Equity: | ||||||||
| Common stock | 5 | 5 | ||||||
| Additional paid-in-capital | 119 | 23 | ||||||
| Treasury stock | (2,076 | ) | (1,783 | ) | ||||
| Retained earnings | 11,152 | 11,060 | ||||||
| Total equity | 9,200 | 9,305 | ||||||
| Total liabilities and stockholders’ equity | $ | 13,226 | $ | 12,899 | ||||
Exhibit 99.2
Where Food Comes From, Inc.
2026 First Quarter Conference Call
Call date: Thursday May 14, 2026
Call time: 10:00 a.m. Mountain Time
Jay Pfeiffer – Investor Relations
Good morning and welcome to the Where Food Comes From 2026 first quarter earnings call.
Joining me on the call today are CEO John Saunders and Chief Financial Officer Dannette Henning.
During this call we’ll make forward-looking statements based on current expectations, estimates and projections that are subject to risk. Statements about financial performance, growth strategy, customers, business opportunities, market acceptance of our products and services, and potential acquisitions are forward looking statements. Listeners should not place undue reliance on these statements as there are many factors that could cause actual results to differ materially from our forward-looking statements. We encourage you to review our publicly filed documents as well as our news releases and website for more information.
I’ll now turn the call over to John Saunders.
John
Hello and thanks for joining the call today.
This morning, in our first quarter results news release, we were pleased to announce year-over-year revenue growth and a return to profitability.
Verification and certification revenue increased 6% in the quarter to $4.4 million from $4.2 million while product sales edged up slightly to $713,000 from $702,000. Total revenue increased nearly 2% year over year to $5.4 million.
This growth – which we achieved despite persistent headwinds around tariffs and herd shrinkage – was driven by steady new customer wins based on increasing demand for a range of certifications we provide. And for all the talk of challenges on the beef side of things, I’m happy to report that many of our new customers are for beef related services, with the balance coming onboard for a range of non-beef related programs and certifications.
A highlight on the beef side has been the RaiseWell program that we launched in the first quarter. RaiseWell offers brands, high-end retailers and foodservice operators a great way to attract consumers seeking premium protein products that have been verified back to source of origin as having been responsibly raised – meaning they have not administered antibiotics or added hormones and have complied with rigorous animal care requirements throughout the life of the animal.
The RaiseWell launch has gone very well thus far. We secured Whole Foods Market as the first major retailer to adopt the program for its beef supply. And we are generating meaningful revenue right now. RaiseWell is equally suited to other proteins, including pork, bison, lamb, poultry, eggs, and dairy.
In terms of product sales, we are experiencing lower volumes in line with fewer head of cattle being put through the system and temporary tag subsidies offered to ranchers. Despite that, our product revenue was slightly higher year over year, reflecting increased demand for premium tags that offer more features that ranchers are looking for.
As we mentioned last quarter, the cattle industry is going through an unusual period of disruption due to the confluence of many factors, but with this disruption comes many opportunities. One of those is a potential opportunity to demonstrate our unique capabilities in response to an animal disease outbreak.
As you may know, the Mexican cattle industry is experiencing an outbreak of what is known as New World Screwworm. This outbreak has been steadily moving north and now involves a couple of Mexican states bordering Texas. The USDA is working hard to prevent a cross-border spread, but should such a spread occur, we are ideally positioned to help manage the response. Our IMI Global unit maintains the industry’s most advanced animal traceability system. And, with our growing partnership with Cattle Trace – the producer-led, private industry database – we can quickly deploy a system that enables contact tracing and allows animal health officials to identify livestock and locations that may have been exposed to disease.
In the meantime, we are seeing solid growth in a number of non-beef business lines.
Verifications for pork, dairy and egg operations all extended their growth momentum in the first quarter. Certification activity for Organic, non-GMO, Gluten Free, and Upcycled also showed gains. And again, we continue to leverage our extensive solutions portfolio to our advantage through bundling incentives that save our customers time and money.
In closing, we remain optimistic about our ability to profitably grow our business over the long term, and, accordingly, plan to continue our stock repurchase program. We bought back 24,469 shares of our common stock during the first quarter at a cost of $293,000. Total buybacks since plan inception (including private purchases) are 1,399,121 shares at a cost of approximately $15.5 million.
And with that, I’ll thank you again for joining the call today and open the call to questions. Operator…
Question and Answer Session:
Operator
This concludes today’s conference. You may disconnect your lines at this time, and thank you for your participation.